On the 23rd, the Ministry of SMEs and Startups announced the final selection of two teams for the 'Glocal commercial district creation' aimed at revitalizing the local economy through local creator-led commercial district planning and six teams for 'Local brand creation.'
The 'Glocal commercial district creation project' is an initiative led by local creators to combine various spaces and content in alley commercial districts to attract domestic and foreign foot traffic to those areas. The Ministry also plans to focus on developing anchor stores within these commercial districts to prevent gentrification.
The glocal commercial district creation teams include two teams from Jongno District, Seoul (Urban Play) and Jung District, Daejeon (Wingwing), which will receive up to 15.5 billion won in support over five years.
The 'Local brand creation project' involves local creators collaborating with small business owners in the region to encapsulate local identity in the alleyways and brand it, while also supporting local youth in discovering and developing entrepreneurial ideas.
The local brand creation teams consist of six locations: Seocho District, Seoul (Move Culture), Buyeo County, Chungcheongnam-do (Segan), Gimje City, Jeollabuk-do (Celesta), Naju City, Jeollanam-do (Naju Cooperative Association), and Yeongdeok County, Gyeongsangbuk-do (Chobless), as well as Jeju City, Jeju (Ilowa).
The Ministry of SMEs and Startups will support the startup and innovation programs, education and consulting for prospective small business owners, as well as co-branding and product development, while local governments will support festival planning and operation linked to commercial districts and local infrastructure development, with up to 1 billion won over two years.
Lee Dae-geon, Director of Small Business Policy at the Ministry of SMEs and Startups, noted, 'The Glocal commercial district and local brand creation projects are new methods for revitalizing commercial districts by collaborating with merchants, residents, and regions, centered around local creators, to create global cities beyond alley commercial districts.' He added, 'We will transform alley commercial districts into destinations where people from around the world visit and stay, preventing regional extinction and expanding the domestic market.'